Fixed Interest Rates – 27th March 2018
Interest Rate Increase:
At its meeting of 1st March 2018 Church Property Trustees [CPT] reviewed the rate of interest paid on funds deposited with the Fixed Income Fund [FIF] and raised these from 3.90% per annum to 4.25% per annum. This rate will apply from the beginning of the 2018 year. This increase will see over $100,000 in additional interest paid to parishes this financial year.
Funds held in the Balanced Growth Fund [BGF] had a return of 6.5% last year with 4% being paid to investors in cash.
Parish Investment Policy:
On 17th October 2012, Standing Committee approved the Parish Investment Policy which states that “All parish funds must be deposited with either a Registered Trading Bank or with the Church Property Trustees.”
Parish funds deposited with CPT are generally held in the FIF. This fund acts in a similar manner to a term deposit – except there are no fixed terms, with funds able to be deposited or withdrawn at any time without penalty.
Should your parish wish to transition monies currently held on Term Deposit to Church Property Trustees, please contact Michael Bishop, Finance Manager – Facilities [firstname.lastname@example.org]. Michael will be able to supply you with investor documentation and assist with the process.